Saudi Arabia raised $11.5 billion from its first bond offering of the year, with an orderbook in excess of $27.7 billion.

The kingdom, which became the first GCC sovereign to tap international debt markets in 2026, saw high demand for its multi-tranche offering across three-, five-, 10- and 30-year tenors.

Final terms saw the three-year bond raise $2.5 billion at set treasuries of +65 basis points, tightened from the T+95 bps area.

The five- and 10-year tranches saw a $2.75 billion raise each, with the shorter tenor coming out with a pre-pricing of T+75 bps from IPTs of T+100bps. The final terms for the 10-year came in at T+85bps from IPTs in the +110bps area.

The 30-year tranche witnessed the highest raise at $3.5 billion, with the final term pricing at T+110bps from a T+140bps area.

The order book peaked at $5.2 billion for the three-year tranche, $6.5 billion for the five-year, $7.9 billion for the 10-year, and $8.1 billion for the 30-year, excluding JLM interest.

HSBC has been appointed as the bookrunner and dealer for the three-year tranche, with Citi handling the five-year, Goldman Sachs International the 10-year, and JP Morgan the 30-year.

The banks are acting as joint global coordinators and joint bookrunners on the benchmark issuance, along with Bank of China, BNP PARIBAS, Credit Agricole CIB and Standard Chartered as joint bookrunners and active lead managers.

Source: zawya